The bitcoin bull market that started towards the end of May has been relentless, but the past week of price action has left some unmistakable pivot levels on the 1-hour chart. The price range between $668 and $670 has been used as support twice this week, and once as resistance last Sunday. The other significant pivot area can be found around $720. Price spiked above $720 on Monday and failed to break above this level again on the same day. On Thursday - once price made it above $720 - this area started to act as support. I would say: have these areas marked on your charts.

The market also failed to break above $775 on two occasions, which makes $775 a double resistance zone! The violent sell-off in the last hour clearly shows that market participants are now keeping a close eye on the $775 area.

While the digital currency is in a clear uptrend, the large bearish engulfing candle that just closed on the 1-hour chart may be indicating that the market is getting ready for a retracement. Engulfing candles are used by many seasoned Forex speculators and these patterns are just as effective in a variety of liquid markets like stocks, bonds and commodities.

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